Hyperliquid Takes a Decisive Step with HIP-3: Perpetual Markets Open to All

Hyperliquid is about to activate on October 13 its HIP-3 upgrade, a revolution that will allow any developer to create perpetual futures markets without prior authorization. This major breakthrough marks a turning point in the decentralization of crypto exchanges.

Hyperliquid unlocks perpetual finance with HIP-3

Hyperliquid is rolling out this Monday HIP-3, its third major improvement proposal, marking a major turning point in access to creating decentralized derivative markets. Announced by an administrator on Discord, this upgrade does not directly affect current traders, but opens a new era for application builders. 

From now on, any developer meeting the on-chain technical criteria will be able to create their own perpetual contracts without prior authorization.

The protocol presents HIP-3 as “a key step toward full decentralization of the perpetual listing process“.

To obtain this privilege, each deployer will have to stake 500,000 HYPE tokens on HyperCore—about 21 million dollars at the current price. This requirement is significant: it aims to exclude opportunistic projects while promoting truly distributed governance.

Technically, the architecture relies on HyperEVM, an EVM-compatible infrastructure that manages smart contracts and governance mechanisms. Safeguards are integrated, including automatic reduction of validators and capping of open positions, to avoid excessive leverage and systemic risks.

The market immediately welcomed this announcement: the HYPE token jumped 11%, surpassing 42 dollars, while the platform already shows 3.5 billion dollars in weekly volume and over 94,000 addresses rewarded during its last airdrop.

The challenges of explosive growth in a hostile environment

But this meteoric rise also attracts predators. Hyperliquid is barely out of a turbulent period that questions its robustness and the solidity of its model. Recently, a trader lost 21 million dollars due to a private key leak, harshly reminding that in decentralized finance, the smallest human error can be fatal.

Even more worrying, the October 11, 2025 crash put the platform at the forefront of liquidations, with over 10.3 billion dollars in wiped positions—a record, surpassing even Bybit and Binance. 

Several users reported technical malfunctions amid the volatility storm: stuck orders, abnormal price gaps, slow execution. Incidents that rekindle the debate over responsibility and regulation of decentralized platforms.

The activation of HIP-3 therefore comes in a paradoxical context. On one side, Hyperliquid pushes decentralization to its extreme, allowing anyone to create a derivative market without permission. 

On the other hand, recent events remind us of users’ fragility in the face of technical mishaps and human flaws. Total transparency, once presented as a trust guarantee, turns into permanent exposure: everything is visible, thus potentially exploitable.

With HIP-3, Hyperliquid pushes the boundaries of decentralized finance. The promise is immense: a permissionless derivatives market governed by code. This bet on total decentralization, even if imperfect, reflects the belief that an open ecosystem is better than centralized control. 

But history shows that every step toward more freedom comes with a resilience test. Hyperliquid has just opened a new chapter—it will be necessary to see if it will hold up against the crypto market storms.